May 23, 2023
You’re probably feeling the impact of high inflation every day as prices have gone up on groceries, gas, and more. If you’re a renter, you’re likely experiencing it a lot as your rent continues to rise . Between all of those elevated costs and uncertainty about a potential recession, you may be wondering if it still makes sense to buy a home today. The short answer is – it does. Here’s why.
Homeownership actually shields you from the rising costs inflation brings.
Freddie Mac explains how:
Unlike rents, which tend to rise with time, a fixed-rate mortgage payment is predictable over the life of the mortgage (typically 15 to 30 years). And, when the cost of most everything else is rising, keeping your housing payment stable is especially important.
A fixed-rate mortgage allows you to protect yourself from future rent hikes. With inflation still high, when your rental agreement comes up for renewal, your property manager may decide to increase your payments to offset the impact of inflation. Maybe that’s why, according to a recent survey, 73% of property managers plan to raise rents over the next two years.
Having your largest monthly expense remain stable in a time of economic uncertainty is a major perk of homeownership. If you continue to rent, you don’t have that same benefit and aren’t as protected from rising costs.
A stable housing payment is especially important in times of high inflation. Connect with a real estate agent so you can learn more and start your journey to homeownership today.
September 26, 2023
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August 31, 2023
If you’ve been in your home for a while, you might have gained a considerable amount of equity, too.
August 30, 2023
Here’s a high-level overview of the connection between the inflation and housing market.
August 29, 2023
The latest data shows plenty of buyers are still out there, and they’re purchasing homes today.
August 28, 2023
Here’s some information you may find helpful on why and where your peers are buying.
August 23, 2023
If you’re thinking about selling your house, a strong job market, growing wages, and the resulting buyer demand is fantastic news.
August 17, 2023
Since most are paying on time, a wave isn’t coming.
August 16, 2023
More people are buying less expensive newly built homes right now while affordability remains a challenge.
August 15, 2023
There aren’t many homeowners who are seriously behind on their mortgage payments.
We’re here to work alongside you to help you make informed decisions when buying or selling your home or investment. Contact us to get started today.